Confirmation of Payee is a new security feature we’re launching in line with other major banks, to give you improved confidence when you set up new people or small businesses to send money to (including one-off money movements and standing orders).
The launch of Confirmation of Payee aims to help protect you from “authorised push payment scams”, when people are tricked into sending money to fraudsters who are pretending to be people or organisations they are not. By highlighting whether the account name and type match the account number you’re sending money to, you’ll be alerted if anything doesn’t look right. And as well as protecting you from fraud, Confirmation of Payee will give you a way to check you’re definitely sending your money to the right place.
How does it work?
- You add the details of a new person or small business you want to send money to
- We send a request to their bank and let you know if the information you’ve added matches their account name and type (person or small business) or not
- You receive a response straight back letting you know if the details are a ‘match’, a ‘close match’ or a ‘no match’.